The global copper mining industry is experiencing a significant upturn, driven by the escalating demand for copper in renewable energy technologies, electric vehicles (EVs), and advanced infrastructure. This surge is propelling both market expansion and strategic investments across the sector.
In 2023, the global copper mining market was valued at approximately USD 8.87 billion, with projections indicating growth to USD 11.86 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.13% during this period. This upward trajectory is largely attributed to the metal’s indispensable role in the energy transition, where it’s utilised extensively in the production of EVs, solar panels, and power grids. Notably, electric vehicles require about 3.6 times more copper than traditional combustion engine vehicles, underscoring the metal’s critical importance in modern transportation.
Major industry players are responding to this heightened demand through strategic initiatives. BHP, for instance, has significantly increased its copper production, reporting a 10% rise in the six months leading up to December 31, 2024. This boost is primarily due to enhanced operations at its Escondida mine in Chile. BHP anticipates a 70% surge in copper demand by 2050 compared to 2021 levels, prompting plans to invest at least $10 billion to expand its Escondida operations over the next seven years.
Similarly, China has intensified its copper imports, particularly from the Democratic Republic of Congo (DRC). In 2024, shipments of refined copper from the DRC to China soared by 71% to 1.48 million metric tons, positioning the DRC as China’s largest copper supplier. This shift highlights China’s strategic investments in overseas mining to secure essential resources for its industrial and technological sectors.
Amid this dynamic landscape, Arc Minerals stands out with its strategic focus on copper exploration in Africa. The company has reported promising assay results from its joint venture with Anglo American in Zambia, indicating extended copper mineralisation. This development aligns with the global trend of expanding copper resources to meet increasing demand. Arc Minerals’ proactive approach in securing an interim injunction to protect its Zambian interests further underscores its commitment to responsible and strategic operations in the region.
By concentrating on high-potential regions and fostering strategic partnerships, Arc Minerals is well-positioned to contribute significantly to the global copper supply chain, supporting the ongoing energy transition and technological advancement.
